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While the three M’s measure the central tendency of a collection of numbers, the variance measures their dispersion. That is, it measures Measuring dispersion is another fundamental topic in statistics and probability theory. On the one hand, it tells you how much you can trust the central tendency measures as good representatives of the collection. High variance usually means a lot of the numbers in the EXPECTED VALUE is another central concept in probability theory. It is a measure of the “long-term average” of a random variable (random process). I know this doesn’t sound too clear, but in this post I’m going to explain exactly what it means. There are many areas in which expected value is applied and it’s difficult to give a comprehensive list. It is used in a variety of calculations by natural scientists, data scientists, statisticians, investors, economists, financial institutions, and professional The law of large numbers is one of the most important theorems in probability theory.  It states that, as a probabilistic process is The concepts of mean, median, and mode are fundamental to statistics, probability theory, and anything related to data an*lysis as a whole. you heard this statement before? It's the most simplified version of the principle Occam's razor. More specifically, the principle says: A What does a probability of zero mean? When people use it in everyday conversations, a statement like the probability of something is zero Enter your email below to receive updates and be notified about new posts.